According to PWInsider.com, Tampa media outlets were notified today that Hulk Hogan plans to hold a press conference at 5pm EST to formally announce his sex tape lawsuit plans.

According to what we have learned thus far, Hogan plans to file two lawsuits. One will be a state suit for invasion of privacy against Bubba The Love Sponge and Bubba's ex-wife Heather Clem. This suit will include Hogan's claim that he was being filmed without his knowledge.

The second lawsuit will be a federal suit against Gawker, the website which leaked the video online, and provided a one minute, edited version of the sex tape.